Philippines to resume raw sugar exports to the US in August says SRA
The Philippines will resume exporting raw sugar to the US in August after a nearly four-year hiatus, following a 25,300 MT allocation from the US for fiscal year 2024. SRA Administrator Pablo Luis Azcona confirmed exporters will serve 25,000 MT. The last US shipment was in 2020-2021. The Philippines also plans to import 200,000 MT of refined sugar to address a supply gap and ensure price stability.
Manila : The Philippines is set to resume exporting raw sugar to the United States in August, after a nearly four-year gap. This move comes in response to requests from industry stakeholders and an additional quota allocation from the US, according to MSN News. Sugar Regulatory Administration (SRA) Administrator and CEO Pablo Luis Azcona confirmed the development in an interview with reporters on Thursday. “Exporters are requesting if they’ll be allowed to export,” Azcona said. “Exporters are volunteering to export… they will serve 25,000 [metric tons],” he added.
In March, the US Trade Representative (USTR) announced an additional allocation of 25,300 metric tons of raw value (MTRV) for the Philippines for the fiscal year 2024 (October 1, 2023, through September 30, 2024). The US government’s MTRV allocation scheme allows countries to export specified quantities of a product at a “relatively low tariff.” “According to exporters, they [raw sugar] have to arrive in the US by September… So, if that happens, [the exportation] will happen in August,” Azcona explained. The export plan will be implemented through a sugar order, which will be decided this month.
The Philippines’ last shipment to the US was in the 2020-2021 crop year when it exported 112,008 MT of commercial raw sugar. Concurrently, the country plans to import around 200,000 MT of refined sugar later this year to address an anticipated supply gap and ensure price stability. Azcona stated that the Philippines would be exporting raw sugar while importing refined or processed sugar. He noted that the “trigger point” for the planned importation will be seen in August, as current stocks are expected to decrease to three months’ worth of demand.
Source Link: https://www.chinimandi.com/philippines-to-resume-raw-sugar-exports-to-the-us-in-august-says-sra/
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